S&P: Rating On Russian RMBS Transaction 'Mortgage Agent Absolut 3' Placed On CreditWatch Positive Following Sovereign Upgrade

S&P Global Ratings today placed on CreditWatch positive its 'BB+ (sf)' credit rating on 'Mortgage Agent Absolut 3' LLC's class A notes.

Today's CreditWatch positive placement follows our Feb. 23, 2018 raising of our long-term foreign currency sovereign credit rating on Russia to 'BBB-' from 'BB+' and the subsequent raising of our issuer credit rating (ICR) on VTB Bank JSC on March 6, 2018 (see "Russia-Based VTB Bank JSC Upgraded To 'BBB-/A-3' Following Similar Rating Action On The Sovereign; Outlook Stable," and "Russia Ratings Raised To 'BBB-/A-3' On Prudent Policy And Improved Monetary Transmission; Outlook Stable").

Our current counterparty criteria constrain our rating on the class A notes at the ICR on VTB Bank due to the issuer's inability to find an eligible successor in 2015 when the replacement trigger was hit (see "Rating Lowered On Class A Notes In Russian RMBS Transaction 'Mortgage Agent Absolut 3' Following Sovereign Downgrade," published on Feb. 10, 2015, and see "Counterparty Risk Framework Methodology And Assumptions," published on June 25, 2013). Consequently, the March 2018 upgrade of VTB Bank has raised the effective counterparty cap in this transaction.

We aim to resolve the CreditWatch placement in the course of a full surveillance review within the next 90 days.

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